The supranational hit screens on Monday, announcing deals with five and 10 year tenors and selecting Bank of America Merrill Lynch, Crédit Agricole and JP Morgan to run the transaction.
The borrower picked up $750m of five year paper, growing the deal from the $500m announced on Monday, and pulling in the spread 1bp from initial price thoughts and guidance to fix at 9bp over mid-swaps. The final book size was $975m.
The 10 year leg appeared to be slightly tougher going, but still attracted $575m of orders for the $500m deal. Leads left the final 25bp spread over mid-swaps unchanged from initial price thoughts.
“It’s a bit more technical at 10 years, but we were significantly oversubscribed and offered only around 1bp concession to the bid side, so we’re very pleased with the result,” said a banker at one of the leads.
The trade is the borrower’s second 10 year bond of the year, following a dual tranche sold in January. It also printed a dual tranche green bond with a 10 year leg in August 2016.
